Main Job
Forty-one percent of the students in our sample do not work at a job. The rest of the students in our sample work at a job either up to 20 hours per week, or 21 or more hours per week.
Financial and Economic Well-being of Students
San Francisco State University
Venoo Kakar, Gerald E. Daniels Jr., Kelsey Brown
December 28, 2023
PDF Version
Acknowledgements
Support for this research was provided by the Robert Wood Johnson Foundation’s Policies for Action program to San Francisco State University and Howard University. The views expressed here do not necessarily reflect the views of the Foundation. Additional support was provided by San Francisco State University. The authors would like to thank Kody Jones for his invaluable research assistance and Keith Burbank, Jeffrey Galloway, Chris Gibbs, Paul Glanting, Tannaz Haghi, Joanne Hsu, Vani Kakar, Yuecan Li, Victoria Odson, Jeff O’Toole, Ellie Scott, Conrad Watkins, Colin Weaver, and all supporting SF State students, faculty, and staff for their support and feedback.
Executive Summary
About
The Financial and Economic Well-being of Students (FEWS) survey is a ten-minute, online, cross-sectional survey of college-going students. The survey collects information on demographics, education, income, employment, spending habits, parental history, student loans, banking and credit, and financial literacy for a student. No other study collects similar information.
From November 23, 2022, to February 28, 2023, the FEWS survey was administered to students at San Francisco State University (SFSU). Participation in the survey was voluntary. To be eligible to participate in the FEWS study at SFSU, students must have been a student at SFSU and at least 18 years of age. A total of 2,467 students responded to the survey. After removing nonrespondents and respondents for not being 18 years of age or older, the final sample used in the report included 2,378 students. At the end of the survey, students had the option to enter a drawing for one of over 400 $25 gift cards.
SFSU is part of the California State University system. It is a 4-year, public, large urban Hispanic-serving institution. As of Fall 2022, SFSU had a total enrollment of 25,282, with undergraduate enrollment at 21,961. Fifty-six percent of undergraduates were female, and 44 percent were male. Thirty-eight percent of undergraduates were Hispanic/Latino, 24 percent Asian, 15 percent White, 6 percent Black or African American, and 5 percent two or more races. Eighty percent of undergraduates were 24 years of age and under, and 20 percent were 25 and over, in Fall 2021. SFSU confers baccalaureate and master’s degrees and doctoral degrees in select fields such as Educational Leadership and Administration.
Demographics
Eighty-three percent of our sample is between the ages of 18 and 24.
Fifty-eight percent of our sample describe themselves as a woman.
SFSU is a diverse, Hispanic-serving institution. Thirty-six percent of our sample is Hispanic. This will help serve our intention of informing how student loan policies in the United States can target vulnerable population groups. Nearly one third of our sample is Asian.
Twenty percent of students do not pay anything for their living arrangements each month. Over half of SFSU students pay greater than $0 but less than $1,500, and 20 percent pay $1,500 or more.
Education
- Educational Program
- Thirty-six percent of SFSU students in our sample are enrolled in a social sciences program. A quarter of students are women enrolled in social sciences, while only 9 percent of students are men enrolled in social sciences. Fifteen percent of students are Hispanic enrolled in social sciences, which is the largest share relative to other groups and educational programs.
- Thirty-five percent of students are enrolled in a business program. The share of students who are either women or men enrolled in a business program are 18 and 17 percent, respectively. Fourteen percent of students are Asian and enrolled in a business program, followed by 11 percent of students who are Hispanic and enrolled in a business program.
- Twenty percent of students are enrolled in a science program. There is a higher proportion of students who are women enrolled in science than men (11 percent and 8 percent, respectively). Eight percent of students are Hispanic enrolled in a science program, compared to 6 percent of students who are Asian enrolled in the sciences and 4 percent of students who are White enrolled in the sciences.
- Our sample consists of a relatively even distribution of education years (freshmen, sophomore, etc.), however only 7 percent are graduate students.
Employment, Income, and Spending
Forty-one percent of the students in our sample do not work at a job. The rest of the students in our sample work at a job either up to 20 hours per week, or 21 or more hours per week.
Income Source
Sixty-three percent of students have received wages or salaries in the past 12 months, while 37 percent have not.
Most students have not received gig income in the past 12 months (92 percent).
Over half of our sample have an income of less than $15,000. Over 30 percent of our sample have an income of $15,000 or more.
If the students in our sample had a $400 emergency expense, 92 percent of students say they would not be able to pay it, or would pay with money they do not currently have. Fifty-seven percent of the students in our sample say they could pay for a $400 emergency expense with money they currently have.
Thirty-five percent of the students in our sample incurred debt by spending more than their income in the past year. At the same time, nearly a third of the students in our sample were able to save, by spending less than their income in the past year. Twenty percent spent about equal to their income. Thirteen percent of the students in our sample do not know what their spending relative to their income is.
Parents’ Background
Nearly a third of the students in our sample have parents with an approximate annual income of $0 to $50,000. Almost a quarter of the students in our sample have parents with an annual income of at least $50,000 but less than $100,000. Twenty-one percent of the students in our sample have parents with an annual income of $100,000 or more.
Parents’ education
Thirty-four percent of the students in our sample have a mother with a bachelor’s degree or higher. Thirty-six percent of the students in our sample have a mother with a high school degree or GED, or less.
Twenty-nine percent of the students in our sample have a father with a bachelor’s degree or higher. Forty-one percent of the students in our sample have a father with a high school degree or GED, or less.
When asked to think of their parents when they were the student’s age, 51 percent of students say they are better off financially than their parents. Thirty percent of students say they are worse off.
Student Loans
Almost half of SFSU students have received a Federal Pell Grant.
Thirty-nine percent of SFSU students currently owe money for student loans, and over a quarter of SFSU students have credit card debt to fund their education.
Among students who currently owe money for their education, 29 percent owe less than $5,000. Fourteen percent of students do not know the total amount that they currently owe. The rest of the students are evenly distributed between owing $5,000 to $9,999, $10,000 to $19,999.99, or $20,000 or above.
Among students who have ever owed or currently owe money for their education, before they got their most recent student loan, 42 percent of students did not try to figure out how much their monthly payments would be. Over a third of students did plan for their monthly payments.
Among students who currently owe money for their education, 71 percent will be unable to make payments in full, with 43 percent expecting to make partial payments, and 28 percent unable to make any payments. Twenty-eight percent expect to make payments in full.
Among students who currently owe money for their education, when asked if they’re concerned about the repayment of their student loans, most students are concerned (64 percent).
Banking and Credit
Only 3 percent of students are “unbanked.”
Students were asked how often they use websites or apps to help with financial tasks such as budgeting, saving, or credit management (e.g., GoodBudget, Mint, Credit Karma, etc.), not including websites or apps for making payments or money transfers. Most students are never using these websites or apps (60 percent). Over a quarter of the students sometimes use these websites or apps.
Fifty-six percent of the students in our sample have between 1 and 3 credit cards, and 35 percent do not have any credit cards. Three-quarters of the students in our sample have either never or very infrequently (once) carried an unpaid balance on one or more of their credit cards.
Financial Education, Well-being, and Literacy
Students were asked to self-assess their financial knowledge and were given a series of financial questions to answer. Comparing the results of the series of financial knowledge questions to the student’s self-assessment, a typical student respondent overestimated their financial knowledge.
Seventy-one percent of the students in our sample were never required to take a financial education course.
Demographics
Age
Eighty-three percent of our sample is between the ages of 18 and 24.
Gender
Fifty-eight percent of our sample describe themselves as a woman, 38 percent as a man, and 4 percent in some other way.
Diversity
Living Arrangements
Fifty-eight percent of students say they currently live with roommates or other family aside from their parents. Forty percent of students say that they currently live with their parents. Only 10 percent of students say that they are the only adult in the household, and 2 percent of students say they live with their children under age 18.
Cost of Living Arrangements
Twenty percent of students do not pay anything for their living arrangements each month. Over half of SFSU students pay greater than $0 but less than $1,500, and 20 percent pay $1,500 or more.
Education
Educational Program
by Gender
by Diversity
Thirty-six percent of SFSU students are enrolled in a social sciences program. A quarter of students are women enrolled in social sciences, while only 9 percent of students are men enrolled in social sciences. Fifteen percent of students are Hispanic, enrolled in social sciences.
Thirty-five percent of students are enrolled in a business program. The fractions of students who are either a woman or man enrolled in a business program are both nearly one-fifth. Fourteen percent of students are Asian enrolled in a business program.1
Twenty percent of students are enrolled in a science program. There is a higher proportion of students who are women enrolled in science than men (11 percent and 8 percent, respectively). Eight percent of students are Hispanic enrolled in a science program, compared to 6 percent of students who are Asian enrolled in the sciences.
Current Status
Our sample consists of a relatively even distribution of education years, however only 7 percent are graduate students.
Current Enrollment
Most students in our sample are currently enrolled full-time (91 percent).
Highest Degree
Sixty-seven percent of students have completed some college but received no degree so far.
Employment, Income, and Spending
Income Source
Sixty-three percent of students have received wages or salaries in the past 12 months, while 37 percent have not.
Gig income is defined as income for specific tasks through a website or mobile app, such as Uber, Lyft, Upwork, Task Rabbit, Care.com, etc. Most students have not received gig income in the past 12 months (92 percent).
Annual Income
Student annual income includes wages, tips, public assistance, scholarships, etc., that students receive annually. It does not include parents’ or other family members’ income, financial support received from parents or other family members, or student loans. Over half of our sample have an income of less than $15,000. Over 30 percent of our sample have an income of $15,000 or more.
Emergency Expense
If the students in our sample had a $400 emergency expense, 92 percent of students say they wouldn’t be able to pay it, or would pay with money they don’t currently have. Fifty-seven percent of the students in our sample say they could pay for a $400 emergency expense with money they currently have.
Spending in relation to income
Thirty-five percent of the students in our sample incurred debt by spending more than their income in the past year. At the same time, nearly a third of the students in our sample were able to save, by spending less than their income in the past year. Twenty percent spent about equal to their income. Thirteen percent of the students in our sample do not know what their spending relative to their income is.
Parents’ background
Annual income
Nearly a third of the students in our sample have parents with an approximate annual income of $0 to $50,000. Almost a quarter of the students in our sample have parents with an annual income of at least $50,000 but less than $100,000. Twenty-one percent of the students in our sample have parents with an annual income of $100,000 or more. A quarter of the students in our sample do not know what their parents’ income is.
Education
Thirty-four percent of the students in our sample have a mother with a bachelor’s degree or higher. Thirty-six percent of the students in our sample have a mother with a high school degree or GED, or less.
Twenty-nine percent of the students in our sample have a father with a bachelor’s degree or higher. Forty-one percent of the students in our sample have a father with a high school degree or GED, or less.
Generational financial well-being
When asked to think of their parents when they were the student’s age, 51 percent of students say they are better off financially than their parents. Thirty percent of students say they are worse off.
Student Loans
Pell
Federal Pell Grants are for undergraduate students with exceptional financial needs and partly depend on the student’s Expected Family Contribution.2 These grants usually do not need to be repaid. Almost half of SFSU students have received a Federal Pell Grant.
Options used to fund education
Thirty-nine percent of SFSU students currently owe money for student loans, and over a quarter of SFSU students have credit card debt to fund their education.
Total amount currently owed for education
Among students who currently owe money for their education, 29 percent owe less than $5,000. Fourteen percent of students do not know the total amount that they currently owe.
Total required monthly payment on all education loans
Among students who currently owe money for their education, when asked about their required monthly payment on all their education loans that they pay and that is not paid by others on their behalf, half of the students said they are not currently required to make any payments. A quarter are currently required to make payments on their loans, and a quarter say they don’t know how much their total required monthly payment is.
Planned monthly payments
Among students who have ever owed or currently owe money for their education, before they got their most recent student loan, 42 percent of students did not try to figure out how much their monthly payments would be. Over a third of students did plan for their monthly payments.
Student Loan Relief Plan
President Biden’s Student Loan Relief Plan is currently blocked.3 Among students who have ever owed or currently owe money for their education, two-thirds of students do not expect to receive relief. One-third of students expect to receive or have received relief as a result of this plan.
Payment Pause
Beginning in April 2020, most government-guaranteed student and parent loan payments were paused. For such loans, no payments have been required and no interest has been accruing or will be accruing through August 31, 2023. Among students who have ever owed or currently owe money for their education, 71 percent have not made any payments since the payment pause began.
Anticipated repayment after payment pause
Among students who currently owe money for their education, 71 percent will be unable to make payments in full, with 43 percent expecting to make partial payments, and 28 percent unable to make any payments. Twenty-eight percent expect to make payments in full.
Frequency of late student loan payments
Among students who have ever owed or currently owe money for their education, when asked how many times they’ve been late with any student loan payments in the past year, most students said they’ve never been late because payments are not currently due (60 percent).
Concern about repayment of student loans
Among students who currently owe money for their education, when asked if they’re concerned about the repayment of their student loans, most students are concerned (64 percent).
Banking and Credit
Checking or Savings Account
Only 3 percent of students are “unbanked” or do not have a checking or savings account.
Overdraw checking account
Overall, almost a quarter of the students in our sample said they overdraw their checking account occasionally.
Fintech
Students were asked how often they use websites or apps to help with financial tasks such as budgeting, saving, or credit management (e.g., GoodBudget, Mint, Credit Karma, etc.), not including websites or apps for making payments or money transfers. Most students are never using these websites or apps (60 percent).
Credit Outcomes
Almost a quarter of the students in our sample have delayed applying for credit in the past 12 months for fear of being denied.
Number of credit cards
Fifty-six percent of the students in our sample have between 1 and 3 credit cards, and 35 percent do not have any credit cards.
Frequency of unpaid credit card balances
Three-quarters of the students in our sample have either never or very infrequently (once) carried an unpaid balance on one or more of their credit cards. These students use credit cards only as a way to pay expenses, and avoid interest costs.
Financial Attitudes, Literacy, and Knowledge
Financial self-efficacy
Forty-two percent of SFSU students are somewhat confident in their ability to achieve a financial goal. A third are confident, and 22 percent are not confident.
Self-perceived financial literacy
Sixty-eight percent of students say they have an average to high level of financial literacy (46 percent and 22 percent, respectively). Thirty-one percent say they have low financial literacy.
Responses to financial literacy questions; objective financial literacy
To measure students’ financial literacy, they were asked three questions on interest, inflation, and risk diversification.4 The question on interest had the highest share of correct answers (two-thirds). The question on inflation had the second highest share of correct answers, but students were nearly evenly split between those who answered correctly and incorrectly. The question on risk diversification had more incorrect answers than correct ones, and the lowest share of correct answers out of the 3 questions.
Objective Financial Literacy
Despite 31 percent of SFSU students rating their financial literacy as “low,” over half of SFSU students have objectively low financial literacy (answering one or zero questions correctly). Twenty-one percent of students have objectively “excellent” financial literacy (got all three correct).
Required financial education course
Seventy-one percent of the students in our sample were never required to take a financial education course.
Source of required financial education course(s)
Description of the survey
The Financial and Economic Well-Being of Students survey was launched in 2022 to delve into college students’ financial and economic conditions. This college survey was designed, drawing inspiration and insights from several prominent studies, namely the Survey of Consumer Finances (SCF), the Survey of Household Economics and Decisionmaking (SHED), and the National Financial Capability Study (NFCS).
This survey is part of a broader, ongoing research initiative focusing on student loan debt, aiming to provide a deeper understanding of students’ financial challenges and potential solutions. This survey gathers data that will be pivotal in contributing to the ongoing student loan policy discussions in the U.S.
To ensure widespread participation, the survey was communicated via various channels, including distributing flyers throughout the campus, sending representatives to classes, and launching an email campaign to connect with students.
Survey Participation
Participation in the 2022-2023 FEWS survey depended on students consenting to participating in the research, and completing an age eligibility question requiring them to be 18 years of age or older to participate.
Targeted Outreach
To increase survey participation and completion among a wide array of demographic groups, the survey targeted San Francisco State University, a diverse, Hispanic-serving institution, with monetary incentives.
Survey Questionnaire
The 2022-2023 survey took students 6.5 minutes (median time) to complete.
A priority in designing the survey was to inform how student loan policies in the United States can target different groups of the population. The full survey questionnaire for this report is available upon request.
Survey Mode
While the survey was administered by flyering all over campus; going to face-to-face classes; and email, FEWS was administered to students online. Online surveys reduce costs and conveniently and quickly reach a greater number of students. They can be anonymous, supporting candid answers. Finally, they reduce respondent burden more by displaying relevant questions that are dependent on previous answers.
Online survey participation could be biased toward students with smartphones, computers, and the internet.
Sampling
The FEWS survey sample was designed to be representative of students aged 18 and older and provide additional insights for students with education loan balances.
Item Non-response
Item non-response in the 2022-2023 FEWS survey was handled by removing any respondent who didn’t respond to any question. Non-response was higher for some questions such as parents’ income and education; student loans; banking; credit; and financial literacy.
Asian, White, Multiracial, Black, and other races are all non-Hispanic.↩︎
https://studentaid.gov/understand-aid/types/grants/pell#maintain↩︎
An appendix containing the complete FEWS questionnaire is available upon request.↩︎